Provisionally in effect since 2017, CETA, Canada’s Comprehensive Economic and Trade Agreement with the European Union, was surprisingly rejected by France’s upper chamber in a recent vote, raising questions about the reliability of free-trade agreements amidst political volatility.
From 2017 to 2023, since CETA has been in effect, trade between Canada and the EU has increased by 51%, with French exports to Canada raising 33%. Despite these gains, critics of CETA point to the impact of global free trade on local producers, particularly farmers, and on the emission of greenhouse gas emissions.
CETA’s implementation since 2017 has been provisional, as full implementation requires ratification by all 27 EU countries. To this point, 17 countries have ratified the agreement.
The result of this vote in the French Senate does not guarantee that France will ultimately reject ratification. The National Assembly, which approved CETA in 2019, could still move to override the Senate.
Through one of Canaan’s subsidiaries, Tradesuccess ®, we are here to help companies looking to promote and facilitate trade outside of Canada. Please contact one of our sales people for more information.